traderdannorcini.blogspot.com / Trader Dan / Saturday, April 19, 2014
I wanted to take just a short bit of time between firing up the pit smoker and throwing some bovine flesh upon it to put up a quick chart of gold for the readers.
As I mentioned on Thursday, gold is totally at the mercy of events in Ukraine for the time being.
You can see on the chart that the metal has been range bound for some time now ( about one year ). Please keep this is mind when you read more breathless talk about gold being poised for a big move “any time now”. How many of these “any time now’s” have we read over the last year? Whether it is the GOFO talk or backwardation talk or “Russia is going to dump the Dollar” talk, or whatever.
Technically not a single one of these premises, or others not listed, have changed the technical posture of this market for a year. If and only if the price breaks out of this range, can we say with certainty that the market has become concerned with these things. For now, it could care less and thus neither should we.
